Kuwait Times - - BUSINESS -

ADNOC, Oc­ci­den­tal to ex­pand Al-Hosn ca­pac­ity

Abu Dhabi Na­tional Oil Co (ADNOC) and USbased Oc­ci­den­tal Petroleum said yes­ter­day they planned to ex­pand their Al Hosn gas fa­cil­ity, adding 50 per­cent more pro­cess­ing ca­pac­ity. “The plant could be­come op­er­a­tional within the life span of ADNOC’s new five-year busi­ness plan - part of the com­pany’s ‘2030 Strat­egy’ - which was re­cently ap­proved by Abu Dhabi’s Supreme Petroleum Coun­cil,” ADNOC said in a state­ment. ADNOC holds a 60 per­cent share in the Al Hosn joint ven­ture and Oc­ci­den­tal Petroleum 40 per­cent. The project is vi­tal for keep­ing the United Arab Emi­rates sup­plied with fuel and re­duc­ing its grow­ing gas im­ports. The UAE is in­vest­ing $35 bil­lion to di­ver­sify its en­ergy mix and re­duce its de­pen­dence on nat­u­ral gas im­ports for power gen­er­a­tion, the coun­try’s en­ergy min­is­ter said on Sun­day.

Al­dar Prop­er­ties Q3 net profit gains 17.9%

Abu Dhabi’s Al­dar Prop­er­ties re­ported a 17.9 per­cent in­crease in third-quarter at­trib­ut­able net profit yes­ter­day, ac­cord­ing to a bourse fil­ing. Net profit at­trib­ut­able to the own­ers was 747.8 mil­lion dirhams ($203.6 mil­lion) for the three months to Sept. 30, com­pared with a profit of 634.3 mil­lion dirhams in the year­ago pe­riod. To­tal net profit for the pe­riod rose 16 per­cent to 737.1 mil­lion dirhams, from 638.2 mil­lion dirhams in the cor­re­spond­ing three months of last year. SICO Bahrain fore­cast Al­dar would make a quar­terly profit of 480.26 mil­lion dirhams, and EFG Her­mes ex­pected earn­ings of 682.06 mil­lion dirhams.

Emaar Prop­er­ties Q3 net profit up 36%

Dubai’s Emaar Prop­er­ties, builder of the world’s tallest tower, re­ported a 36 per­cent in­crease in third-quarter net profit yes­ter­day as rev­enue rose. The de­vel­oper, in which Dubai’s gov­ern­ment owns a mi­nor­ity stake, made a net profit of 1.15 bil­lion dirhams ($313.1 mil­lion) in the three months to Sept. 30, it said in a bourse state­ment. That com­pares with a profit of 843 mil­lion dirhams in the year-ear­lier pe­riod. SICO Bahrain and EFG Her­mes fore­cast Emaar would make a quar­terly profit of 1.20 bil­lion dirhams and 1.33 bil­lion dirhams re­spec­tively. Emaar’s quar­terly rev­enue was 3.85 bil­lion dirhams, up 16 per­cent on the 3.33 bil­lion dirhams recorded a year ear­lier.

Egypt gets of­fers from 7 wheat sup­pli­ers CAIRO/ABU DHABI:

Egypt’s state grain buyer GASC re­ceived of­fers from seven sup­pli­ers at its in­ter­na­tional wheat pur­chas­ing ten­der yes­ter­day. The low­est of­fer was $186.98 a ton free-on-board (FOB) for 60,000 tons of Rus­sian wheat and was pre­sented by En­gel­hart Com­modi­ties Trad­ing Part­ners (ECTP), traders said. GASC is hold­ing a ten­der for an un­spec­i­fied amount of wheat from global sup­pli­ers for ship­ment from Dec 1020 and re­sults are due later. Egypt re­versed a con­tro­ver­sial er­got fun­gus spec­i­fi­ca­tion in Sep­tem­ber, end­ing a saga that ef­fec­tively cut off its ac­cess to global grains mar­kets af­ter sup­pli­ers re­fused to make of­fers. The re­ver­sal has helped GASC re­sume its pur­chases though the num­ber of of­fers re­mains be­low the more than 15 typ­i­cal at ten­ders be­fore the con­tro­versy be­gan.

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